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Dec 11, 2013
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are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
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Dec 15, 2013
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on tuesday five regulators approved a volcker rule. it bans banks that take federally insured deposits from engaging in trading. there are some exceptions, but it's a major step towards changing the culture of risk taking on wall street that contributed to the financial crisis. the 900-page rule doesn't get into effect until july 2015. it attempts to protect main street by requiring banks to prepare pay packages that don't reward risky trading. this is the time of year that pay is very much on the minds of wall street, because we have now reached bonus season. this year wall street bonuses are expected to rise 5% to 10% on average, but jobs that involve taking big risks which used to pay the most and which some critics blame for tanking the economy are no longer reaping the biggest rewards. pa tricia has the story. >> it's the big payday that fattens wallets on wall street and fuels the ire of main street. year-end bonuses can comprise up to 80% of wall street pay packages. this season payouts are expected to rise for the second year r
on tuesday five regulators approved a volcker rule. it bans banks that take federally insured deposits from engaging in trading. there are some exceptions, but it's a major step towards changing the culture of risk taking on wall street that contributed to the financial crisis. the 900-page rule doesn't get into effect until july 2015. it attempts to protect main street by requiring banks to prepare pay packages that don't reward risky trading. this is the time of year that pay is very much on...
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Dec 11, 2013
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the senate approved the volcker rule named after its chairman. it was a practice seen by some as a contributor to the 2008 financial crisis. thank you, mr. chairman. i support the staff in andlizing this rule extending the performance. . i want to congratulate the staff for completing this work and making these difficult judgments. this will help with financial speculation in institutions and , anre a safety net important liquidity's and the markets, and also safety and security of financial institutions. you have worked very strike, in this role, just the right balance. i congratulate you on doing that. given the absence of the distinction, i think this is an important responsibility to make sure that this works as intended. i support it. i thank you for all of your hard work. i support the adoption of the final rule. like the vice chair and you have indicated, implementation here, probably more than most rules, is the key. there is a role to play there. a series of roles. we have to navigate carefully. >> i want to set a high bar for regulatory
the senate approved the volcker rule named after its chairman. it was a practice seen by some as a contributor to the 2008 financial crisis. thank you, mr. chairman. i support the staff in andlizing this rule extending the performance. . i want to congratulate the staff for completing this work and making these difficult judgments. this will help with financial speculation in institutions and , anre a safety net important liquidity's and the markets, and also safety and security of financial...
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Dec 3, 2013
12/13
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the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the commercial banking activities where you have some federal backing. now the rule after many years of wrangling is fairly about to come out. been threerule has years in the making. what has been taking it so long? guest: a number of things. it is very complicated. it sounds simple, but actually putting it in place has proved to be a creaky lay in task -- huge task. you also have five federal regulators involved in writing the rule, which was another decision that congress made because they wanted to make sure that there were bank regulators involved. the fe
the vocal rule is -- volcker rule is a key part of that. it is designed to keep the banks from engaging in excessively risky activities. including what people call retired terry trading. prop trading is easily when a bank takes its own money and makes bets on it in order to profit -- early to profit -- purely to profit. the concern to congress was that these banks have deposits from clients that are federally insured. they wanted to separate those activities of proprietary trading from the...
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Dec 20, 2013
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volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and practical difficulties. but you have a practical problem in dealing with it in very difficult circumstances. dealing with both on the delivery side and on the supply easy, and you not have to keep at it. but the world bank doesn't do it, nobody else is going to do it in this area, and if you don't do it, everybody will use it as an excuse to not do it themselves. it's obvious. getting on the delivery, getting on the execution, you've got to work, as you are, and what other agencies and the rest of us can do to help the cooperation,
volcker wanted to jump in. go ahead. >> a general point to follow on the president's comment, that you got a delivery. -- that you got to have delivered. i started a nonprofit agency to improve government. the slogan i got from thomas --son is appropriate here vision without execution is hallucination. [laughter] so we've got a lot of the vision here about dealing with corruption and we can all expound about the lorries of dealing with corruption and the importance and the moral and...
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Dec 6, 2013
12/13
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rule writers will put forth a volcker rule. the rule now before regulators for a vote is a product of much intensive work and analysis and, needless to say, years of effort. it prohibits risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading like the london whale that are masked as risks trading hedges. and strong compliance requirements that requires those in charge to make sure that the tone sends the right signal to the whole firm. it is critical to have an effective resolution process so that individual failing firms do not jeopardize the entire financial system or leave taxpayers at risk. dodd-frank prohibits the use of tax dollars to bail out any financial firm. it requires that we will and use the tools that the law provides. the largest financial companies have already submitted living wills or blueprints for how to unwind firms if they fail. regulators will require firms to rework these plans if they are not credible. if firms are not able to pr
rule writers will put forth a volcker rule. the rule now before regulators for a vote is a product of much intensive work and analysis and, needless to say, years of effort. it prohibits risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading like the london whale that are masked as risks trading hedges. and strong compliance requirements that requires those in charge to make sure that the tone sends the right signal to...
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Dec 6, 2013
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with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a premium on consumer financial protection, curbs on excessive risk taking, transparency and over site and massive over the counter derivative markets and necessary tools to prevent large and financial institutions threating the financial system. some of the greatest damage to both ordinary individuals and major financial firms began with deceptive and harmful practices that left millions of americans owing more than they could ever repay. dodd-frank created the consumer protection bureau to create transparency and choice. since opening its doors in 2011, the cfb already taken bold and actions. brin
with a completion volcker rule, resolution authority, the tools of financial reform are being used to make our financial system safer and holding financial system responsible without the backstop of public support. regulators have worked hard to find the right balance that protects our economy and taxpayers while also leaving room for well functioning financial markets that fuel growth and help the private sector create jobs. the dodd-frank rule addresses root causes of financial problems. a...
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Dec 20, 2013
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vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years, given from where you are, our population will go up to 8.5 billion by 2025. movement to cities, urbanization is key. if you look at the emerging countries and their demand and needs for greater resources, both looking at urbanization as well as population increase, extreme whether. -- weather -- [indiscernible] when you begin -- and the depletion of some of the resources -- looking at the infrastructure demand, ernst & young estimates 57 trillion until 2030. the amount of money that could be lost and resources or that could be saved could make a huge deference -- difference in term
vogler -- volcker knows i am paying attention, vision without execution? >> the world bank is in a unique position. its membership is the community of nations. you can be the one who will espouse the vision and help with execution. simple ideas will make it more difficult -- it will make the move in a money market difficult. let's think -- strengthened further for having a passport for funds. >> i find this very interesting. that is a new one. if we look at the next 10-15 years,...
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Dec 5, 2013
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rule writers will soon put forward a tough volcker rule that i expect to be true to president obama's vision and the statutes and 10. the rule now before regulators for -- intent. the rule now before regulators is the result of years of effort. it limits risky proprietary trading while protect inessential economic activities like market making such as selling bonds for mutual funds. it prohibits risky trading that's like the london whale and puts in place strong compliance to make sure that the tone at the top sends the right signal to the whole firm. now, in order to make sure that taxpayers are truly protected, it is critical to have an effective resolution process so that individual family firms do not jeopardize the entire system or taxpayers at risk. dodd frank prohibits the use of taxpayer dollars to bail out any taxpaying -- any financial firm. financial crisis, a canon will use the tools the law provides. -- it can and will use the tool the law provides. regulators will require firms to rework their plans if they are not credible. if firms are not able to provide a credible pl
rule writers will soon put forward a tough volcker rule that i expect to be true to president obama's vision and the statutes and 10. the rule now before regulators for -- intent. the rule now before regulators is the result of years of effort. it limits risky proprietary trading while protect inessential economic activities like market making such as selling bonds for mutual funds. it prohibits risky trading that's like the london whale and puts in place strong compliance to make sure that the...
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Dec 10, 2013
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crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a piece by piece, but as a whole, and the council has been effective in promoting that holistic approach to oversight and regulation. so thank you, and again, it is been a pleasure working with all of you. >> on behalf of the council, thank you both for to read this service. [applause] -- four tremendous service. -- for tremendous service. [applause] as we approach the end of the year, i think it is safe to say that in recent months we have seen one of the most active financial reform since the president signed dodd- frank into law. and finalize put mortgage will. this council designated companies for e
crossed -- i think we will bring an important role across -- rule across the line, the vocal room -- volcker rule. again, thank you. not have a statement. i want to thank you, mr. secretary, for those kind words, and thank my colleagues on the council. very rewarding working with all of you, and i think the council has served its purpose of helping us work together better and to better coordinate our efforts. very important that we recognize the financial system is a system. we cannot look at a...
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Dec 20, 2013
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ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die each year out of a hundred thousand. 30%ountries where less than of people said they had to pay a bribe. , less than 57 women died. there is the same thing with water and all these indices. the point that i would like to go back to in terms of paul is the one about how people -- it is not just that it kills people , it prevents them from having a life or quality of life, it concentrates the money into the hands of 10% of the population. it is also what happens with the trust of the people in their government. this, when we do surveys and ,ook at surveys that others do i
ther vogler, -- volcker, i see her nodding. what is going through your mind? have been mining those ever since. we keep using them. part of what we talked about. president kim, now we are mining your words. sour speech at the csi which was an important speech. listening to both paul and president kim, talking about the this is whatple -- came to my mind. . was looking at data recently if you have a country where more than 60% of the people have to pay a pride -- bribe. cases, over 480 women die...
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Dec 3, 2013
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that's followed by scott volcker rule he and how it will be implemented. ashington journal, live every on ing at 7:00 a.m. eastern c-span. >> the house education examines the college of affordability and the pell grant program. at 10:00 e it live a.m. eastern on c-span 3. eastern, juan manuel santos speaks at the the nal press club about economic and political situation in colombia. that's also live on c-span 3. >> as you walk in, there are tables out in front with lots of right?ts, not the -- prior to entering the gun show. how he pamphlets are about the government is trying to take away the right to own guns and the government is doing this, that. is doing obama care is terrible. those were the guys that i wanted to talk to. were the guys with the leaflets, with the ideas. like this yourself. you?id who are i said i'm a -- i'm an academic. i'm a researcher. the researcher on these rganizations and these ideas and try to understand the guys. and study the men who believe this stuff. said -- they m looked at me. they asked me questions. here's what i ok, a
that's followed by scott volcker rule he and how it will be implemented. ashington journal, live every on ing at 7:00 a.m. eastern c-span. >> the house education examines the college of affordability and the pell grant program. at 10:00 e it live a.m. eastern on c-span 3. eastern, juan manuel santos speaks at the the nal press club about economic and political situation in colombia. that's also live on c-span 3. >> as you walk in, there are tables out in front with lots of right?ts,...
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Dec 3, 2013
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that is followed by scott patterson of "the wall street journal" on volcker rule. live every morning at 7:00 a.m. eastern on c-span. as he walked in, there are tables with lots of pamphlets. the gun show.ing the pamphlets are how the government is trying to take away your right to own the guns. that, obamacare is terrible. those were the guys i wanted to talk to. those were the guys with the idea. i said is this your stuff -- they said, who are you. amaid i and i -- i said i doing research on these organizations and these ideas. trying to understand this. i study men who believe the stuff. suspiciouslyt me and asked me questions. i said here's what i am. i do not get it. here is my job. i went to understand how you see the world. i want to understand your worldview. and ill not convincing will not convince you. that is off the table. i want to understand why you think the way you do. >> downward mobility, racial and gender equality. "chael kimmel on angry white men." sunday night at 9:00 on afterwards, part of book tv on c-span2. justiceme court clarence thomas spo
that is followed by scott patterson of "the wall street journal" on volcker rule. live every morning at 7:00 a.m. eastern on c-span. as he walked in, there are tables with lots of pamphlets. the gun show.ing the pamphlets are how the government is trying to take away your right to own the guns. that, obamacare is terrible. those were the guys i wanted to talk to. those were the guys with the idea. i said is this your stuff -- they said, who are you. amaid i and i -- i said i doing...
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Dec 14, 2013
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in helping us establish the paul volcker scholarship. he played a major role, and he helped us actually honor and pay tribute to paul volcker in this very room, and it was a successful event, don, in large part, due to you, so thank you for that. also joining us is david wessel, "the wall street journal," and david, for readers of "the wall street journal," david also needs no introduction. he's been with the journal for 30 years, and the capital columnist for ten, david? ten or so. he's written a best selling book, as you've heard, "in fed we trust." did you go with the whole title of that, david? the whole title is interesting, in fact, "in fed we bernanke's great war of 2009." thank you very much for both joining us today and look forward to this. thanks, david. >> thank you very much and thanks for doing this. i thought what we might do here is reflect a little on the lessons of history that liaquat and simon discussed, that influenced you while you were in the midst of avoiding the great depression, or likely you avoided two-thirds
in helping us establish the paul volcker scholarship. he played a major role, and he helped us actually honor and pay tribute to paul volcker in this very room, and it was a successful event, don, in large part, due to you, so thank you for that. also joining us is david wessel, "the wall street journal," and david, for readers of "the wall street journal," david also needs no introduction. he's been with the journal for 30 years, and the capital columnist for ten, david?...
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Dec 13, 2013
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who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes. coming up on c-span, defense secretary chuck hagel talks about the effect of the budget agreement on military preparedness. three doctors testify about the impact of the health care law on their patients. later, treasury secretary jack lew on international finance issues. >> on the next washington journal, a look at the two-year $85 billion budget agreement and the 2014 republican agenda. our guest will be texas congressman kevin brady. more about the budget agreement with representative glenmore of wisconsin, a member of the budget and financial services committees. washington journal is live every morning at 7:0
who is the primary enforcer of volcker? >> the volcker rule came out of five different agencies. there are different aspects depending on what kind of a financial institution you are. >> can you submit in writing your view of this as chairman? >> i am happy to respond to your question. >> the time of the gentleman has expired. as previously announced, the chair now declare the committee in a brief recess. asef is going to be defined approximately less than five minutes....
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Dec 19, 2013
12/13
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we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being increasingly understood by markets and increasingly understood by the people who assess this that there are going to be any more taxpayer-funded bailouts. part of that is about reducing the chances that you are in that situation again with things like volcker rule and preventing that from happening but also making sure if you are in that situation no rule is going to be perfect to prevent every problem from happening. and if you're in that situation that you have resolution mechanisms that we didn't have in our -- at our disposal to resolve those taxpayers put in a lot of money at risk for tarp. it was a
we have put a lot of the most important pieces in effect in the volcker rule is the most recent of the pieces. one way to measure the success is you have seen the rating agencies talk about or downgrade some of the largest financial institutions and not downgrade them because they think they are risky or unsafe but because they don't think that they are going to be bailed out by the taxpayers if they run into trouble. that was the central feature of dodd-frank and i think that is being...
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Dec 11, 2013
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rule waslled volcker approved. emily stephenson joins us on the phone. emily, what is the volcker rule and why does it matter? guest: thank you for having me on. so the volcker rule is really essential part of the 2010 dodd- financial regulation overhaul. banks can't make risky trades with their own money, a sickly. basically, the -- their own money, basically they basically, the idea is that they cannot rely on federal debt. be able to use their own money that can get them into trouble. host: so this was proposed as part of dodd-frank. why is it just being approved now? guest: that is a great question. it has been three years since dodd-frank passed and it took a long time to get this thing finalized. i think there's probably two things that are important to know about the genesis of the volker rule. the first thing is that the rule alsoroposed in 2011 but it proposed a lot of questions on how it should work. first of all, how banks need to be allowed to buy and sell stocks and bonds and things, that there clients can buy from them. establish that from
rule waslled volcker approved. emily stephenson joins us on the phone. emily, what is the volcker rule and why does it matter? guest: thank you for having me on. so the volcker rule is really essential part of the 2010 dodd- financial regulation overhaul. banks can't make risky trades with their own money, a sickly. basically, the -- their own money, basically they basically, the idea is that they cannot rely on federal debt. be able to use their own money that can get them into trouble. host:...
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Dec 17, 2013
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the volcker rule -- host: are you there? being a small business person, regulations and the unintended consequences of regulations. guest: i think he was saying a lot of adjusting things. he mentioned the volcker rule, which make sure firms engaging in banking are not involved with speculative betting. he is exactly right. catered -- o, complicated. they are explicitly exempted. i agree that the dodd-frank legislation was too complicated. it would have been better if we had simpler legislation. it is a step forward. in terms of the complexity -- the uncertainty he talked about. dodd-frank is a good example. we are looking about 40% of the rules now being issued three years after the law was passed. why is that? is it because the industry that is complaining about delay has caused the delay? is crocodile tears for wall street to say they are facing uncertainty. created by suing the regulators of the rules they managed to get out. the biggest reason for the uncertainty is that industry opposes the regulation so much. host: sen
the volcker rule -- host: are you there? being a small business person, regulations and the unintended consequences of regulations. guest: i think he was saying a lot of adjusting things. he mentioned the volcker rule, which make sure firms engaging in banking are not involved with speculative betting. he is exactly right. catered -- o, complicated. they are explicitly exempted. i agree that the dodd-frank legislation was too complicated. it would have been better if we had simpler legislation....
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Dec 3, 2013
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that is discussed along with the volcker rule. washington journal, every morning at 7 a.m. eastern. >> we look at the u.s. response to typhoon haiyan in the philippines. >> if you are a middle or high video student, c-span competition wants to know what is the most important issue congress should address next year. make a video and be sure to include c-span programming for the $5,000 to win grand prize with $100,000 in general prices. >> saturday with the deadline set by the administration to fix the healthcare.gov website. at a press briefing the spokesman took questions about the site. you can see the briefing on c- span.org. here is a look. >> there were reports over the weekend on this that this of the website. basically, they said the problems are over but there are other problems. thethey comfortable with level they have been operating at. >> the president to leave the site has been significantly believes the site has been significantly improved. the teams have worked for weeks now to make those improvements, including significant improvements over the weekend, but a
that is discussed along with the volcker rule. washington journal, every morning at 7 a.m. eastern. >> we look at the u.s. response to typhoon haiyan in the philippines. >> if you are a middle or high video student, c-span competition wants to know what is the most important issue congress should address next year. make a video and be sure to include c-span programming for the $5,000 to win grand prize with $100,000 in general prices. >> saturday with the deadline set by the...
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Dec 19, 2013
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even with the implementation of dodd-frank and the publication of the volcker rule there seems to be this unresolved anger directed towards banks and financial systems on congress. and maybe more the democratic party. is that fair to you think that anger is still there and that the community seems to be feeling the community at price per pound of flesh still needs to be gotten from the banks for what happened in 2007 in 2008 and how are the bank stating today affecting the pace of the economic recovery, bank lending? is it a drag on the recovery at all? >> so, banks play a really important role in our financial system. they help allocate capital. they help revive liquidity when they function as they should. they also help better allocate risk but when you have poor regulations and when you have poor decisions banks can do the opposite of all of that. they can miss allocate capital and put it in the wrong places that hurts our economy. they can freeze up with the ability to have liquidity and rather than diversifying if they can concentrate it and expand that risk and hurt the economy
even with the implementation of dodd-frank and the publication of the volcker rule there seems to be this unresolved anger directed towards banks and financial systems on congress. and maybe more the democratic party. is that fair to you think that anger is still there and that the community seems to be feeling the community at price per pound of flesh still needs to be gotten from the banks for what happened in 2007 in 2008 and how are the bank stating today affecting the pace of the economic...
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Dec 14, 2013
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volcker, but he does impress this upon everyone, you need multiple fail safes. it's like nuclear power, has to be used with great, great caution. capital may be the right way to go, but the bosel committee, oh dear, didn't get it quite right, and the risk weights used in the main focus, the risk weights that we use are problematic, what is a low risk weight asset in the european context? sovereign debt. what is the only thing we know about the current european context, sovereign debt is not free, so these issues continue to play out. >> i think we have time for one more question before we adjourn. anymore questions from the audience? yes. >> i was interested in your comment about how the structure of the federal reserve system is unique in that many other central banks don't have this hybrid structure, and i wondered if you could comment on what you think the advantages or disadvantages of that are and feelings on congress, as you said, the federal reserve act could be opened up. i'm curious to know what you think about that structure and looking back on that. >
volcker, but he does impress this upon everyone, you need multiple fail safes. it's like nuclear power, has to be used with great, great caution. capital may be the right way to go, but the bosel committee, oh dear, didn't get it quite right, and the risk weights used in the main focus, the risk weights that we use are problematic, what is a low risk weight asset in the european context? sovereign debt. what is the only thing we know about the current european context, sovereign debt is not...
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the restrictions are known as the volcker rule. they're named after the former fed chairman who proposed them. they would, among other things, ban big banks from making the kind of risky investments that led to the crash. today, the northeast got another quick blast of severe weather. drivers skidded off snowy highways. walking wasn't easy in maryland and they took no chances in the nation's capital. most government offices were closed. tonight, the storm is moving through new england and heading out, at last, to sea. don dahler takes a look at what it left behind. >> reporter: the storm rolled into the northeast at the height of the morning rush. in baltimore, it snowed two inches an hour. at least 4,000 flights were canceled or delayed. some travelers at new york liberty had five hour waits. philadelphia has had more snow this week than all last winter. arctic air has settled across most of the country. it was minus six today in chicago, the earliest it's been that cold since 1995. and without a thaw, people in texas and arkansas
the restrictions are known as the volcker rule. they're named after the former fed chairman who proposed them. they would, among other things, ban big banks from making the kind of risky investments that led to the crash. today, the northeast got another quick blast of severe weather. drivers skidded off snowy highways. walking wasn't easy in maryland and they took no chances in the nation's capital. most government offices were closed. tonight, the storm is moving through new england and...
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Dec 10, 2013
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how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech companies have seen their share prices soar this year, but not every company has been so foreig fortunate. we take a look at some of the stocks. >> reporter: dogs to darlings, when one of the biggest losers one year turn into rising stars the next. it is a trend that the portfolio managers watch closely. >> it is almost a wall street tradition but not one lightly taken, and especially in a year where you have seen significant out-performance by many stocks. >> it happened last year when bank of america more than doubled. one of the top gainers in the s&p 500. a year after it lo
how about the so-called volcker rule, and will it protect you? coming up. >>> in a rare show of unity, eight of the nation's biggest tech companies have pushed limits. google, microsoft, apple, facebook, twitter, linked in, yahoo! and aol sent an open letter to congress, calling for reforms and restrictions on how the government collects data on internet users. they also want government agencies to be more transparent on what they're looking for. >>> well, some of the tech...
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Dec 17, 2013
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ben bernanke along with alan greenspan and paul volcker took time today to reflect on their terms leading the central bank. >> improved communication can help our policies work better whether through the disclosure of the stress test results and by helping the public and the market better understand how monetary policy is likely to evolve. >> president woodrow wilson signed the federal reserve act into law a century ago this coming week, but it took another 11 months for all 12 federal reserve banks to open their doors. >>> j.p. morgan chase may number some hot water again just as the bank is finalizing a $2 billion settlement for turning a blind eye to obvious signs of fraud in bernie madoff's massive ponzi scheme. federal authorities are looking into whether the bank tried to impede the department's investigation into madoff's misdeeds. the treasury's inspector general's office says j.p. morgan is contesting a subpoena that was issued earlier this year. >> the u.s. appears to be flushed with crude. a new forecast from the energy energy administration expects domestic oil output to surge
ben bernanke along with alan greenspan and paul volcker took time today to reflect on their terms leading the central bank. >> improved communication can help our policies work better whether through the disclosure of the stress test results and by helping the public and the market better understand how monetary policy is likely to evolve. >> president woodrow wilson signed the federal reserve act into law a century ago this coming week, but it took another 11 months for all 12...
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more streamlined ways that reduce uncertainty than we have >> i want to come to dodd-frank and the volcker rule in a moment but staying with this idea, is it possible when you look at the growth of the u.s. economy that we have lost some of our productivity potential? in other words, have people been out of the labor force not going to have the skills for the jobs that come up in 2013, 2014, 2015? >> i think there's no question that there are what economists call historesis effects. that refers to history dependence. people who have been unemployed for two years often have a very hard time going back to work. that's why it's very interesting if you look at what the congressional budget office thought the american economy's potential was in 2014 as of 2007 and you look at their estimate today it's declined by close to a trillion dollars. that are trillion dollars, that's more than $3,000 for every american. and that's not what we are producing. that's what they think our potential is to produce. and that's because we haven't invested in capital. that's because workers' skills have atrophyed
more streamlined ways that reduce uncertainty than we have >> i want to come to dodd-frank and the volcker rule in a moment but staying with this idea, is it possible when you look at the growth of the u.s. economy that we have lost some of our productivity potential? in other words, have people been out of the labor force not going to have the skills for the jobs that come up in 2013, 2014, 2015? >> i think there's no question that there are what economists call historesis effects....
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the volcker rule is pretty good. i mean -- >> let me ask you -- >> we'll know more. >> but if you're sitting at home, and you don't do a lot with stocks or bonds, maybe you have a mixed fund in retirement. maybe you don't own anything in the markets. why should you care about this progress from the administration today? >> well, you care a lot, because if this doesn't work, we could have another meltdown. we could have another too big to fail. we could have another bailout of wall street. another cataclysm or near cataclysm that affects everybody. >> and jared, let me put up one thing from something you were working on, looking at basically this growth in the stock market and how it's totally outpacing regular gdp. 70% up in the stock market at s&p 500. a lot bigger than other indicators that affect main street. why are you concerned about that? >> it gets to what secretary risch was just talking about. if we have another financial bubble, and, by the way, it is precisely that that's brought down the last two busines
the volcker rule is pretty good. i mean -- >> let me ask you -- >> we'll know more. >> but if you're sitting at home, and you don't do a lot with stocks or bonds, maybe you have a mixed fund in retirement. maybe you don't own anything in the markets. why should you care about this progress from the administration today? >> well, you care a lot, because if this doesn't work, we could have another meltdown. we could have another too big to fail. we could have another...
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Dec 11, 2013
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all the key regulatory agencies in washington today voted to enact something volcker rule. the rule essentially aims to re-establish the old rules that had been put in place after the break depression that said banks can't gamble with your money. today's decision will start to put the wall back up between banks which are supposed to be safe and the kind of wall street wheeling and dealing that crashed the global economy in 2008. banks hate the volcker rule, and they spent millions of dollars lobbying against it but they lost. more to come, stay with us. [ grunts softly ] [ ding ] i sense you've overpacked, your stomach. try pepto to-go. it's pepto-bismol that fits in your pocket. relief can be yours, but your peanuts... are mine. ♪ >>> at nelson mandela's memorial, president obama was one of five head of state to speak today. greeted with a huge ovation. >> we would like to now welcome to the stage and to the podium and ask him to address, president barack obama! [ cheers and applause ] >> that cheering, foot stomping roar went on for almost a full minute before president
all the key regulatory agencies in washington today voted to enact something volcker rule. the rule essentially aims to re-establish the old rules that had been put in place after the break depression that said banks can't gamble with your money. today's decision will start to put the wall back up between banks which are supposed to be safe and the kind of wall street wheeling and dealing that crashed the global economy in 2008. banks hate the volcker rule, and they spent millions of dollars...
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the volcker rule is something the banks have spent two years and millions lobbying against, but they lost the fight. that was yesterday. now today, the single most interesting ongoing fight within the democratic party also landed with a thud on wall street, "the wall street journal" reported on democratic senator elizabeth warren, saying any democrat who wants to expand social security or not cut medicare, like elizabeth warren, is a laughing stock and should never be taken seriously. the group that wrote that op-ed is called "third way," and calls themselves a liberal group. but liberal democrats are mad that third way could have any effect at all in politics, there was pushback regarding elizabeth warren herself, but today, the committee delivered to the third ways doorstep in washington, d.c. the pccc are demanding the anti-liberal forces in the democratic party show themselves. they're demanding that third way explain where they get their money from and who they are. there has been a fascinate thing to watch unfold on the left over the last few days. including the website, daily
the volcker rule is something the banks have spent two years and millions lobbying against, but they lost the fight. that was yesterday. now today, the single most interesting ongoing fight within the democratic party also landed with a thud on wall street, "the wall street journal" reported on democratic senator elizabeth warren, saying any democrat who wants to expand social security or not cut medicare, like elizabeth warren, is a laughing stock and should never be taken seriously....
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banks hate the volcker rule, and they spent millions of dollars lobbying against it but they lost. more to come, stay with us. [ woman ] too weak. wears off. [ female announcer ] stop searching and start repairing. eucerin professional repair moisturizes while actually repairing very dry skin. the end of trial and error has arrived. try a free sample at eucerinus.com. ♪ [ male announcer ] 1.21 gigawatts. today, that's easy. ge is revolutionizing power. supercharging turbines with advanced hardware and innovative software. using data predictively to help power entire cities. so the turbines of today... will power us all... into the future. ♪ >>> at nelson mandela's memorial, president obama was one of five heads of state to speak today, and he was greeted with a huge ovation. >> we would like to now welcome to the stage and to the podium and ask him to address, president barack obama! [ cheers and applause ] >> that cheering, foot stomping roar went on for almost a full minute before president obama could deliver his eulogy today. we have got more on that straight ahead. and wha
banks hate the volcker rule, and they spent millions of dollars lobbying against it but they lost. more to come, stay with us. [ woman ] too weak. wears off. [ female announcer ] stop searching and start repairing. eucerin professional repair moisturizes while actually repairing very dry skin. the end of trial and error has arrived. try a free sample at eucerinus.com. ♪ [ male announcer ] 1.21 gigawatts. today, that's easy. ge is revolutionizing power. supercharging turbines with advanced...
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Dec 10, 2013
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big fed meeting on how the volcker rule is going to work. hi honey, did you get the toaster cozy? yep. got all the cozies. [ grandma ] with new fedex one rate, i could fill a box and ship it for one flat rate. so i knit until it was full. you'd be crazy not to. is that nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. [ male announcer ] fedex one rate. she loves a lot of it's what you love about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include
big fed meeting on how the volcker rule is going to work. hi honey, did you get the toaster cozy? yep. got all the cozies. [ grandma ] with new fedex one rate, i could fill a box and ship it for one flat rate. so i knit until it was full. you'd be crazy not to. is that nana? [ male announcer ] fedex one rate. simple, flat rate shipping with the reliability of fedex. [ male announcer ] fedex one rate. she loves a lot of it's what you love about her. but your erectile dysfunction - that could be...
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Dec 5, 2013
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. >> next week regulators are expected to approve a tougher than expected version of the so-called volcker rule which would impose tighter restrictions. the goal is to reduce the chances of mega losses like jpmorgan's $6.2 billion london fiasco. the question is after years of complaints banks spared for their prosecution in the role of the financial crisis, have we turned a corner? joining us now new york attorney general eric schneiderman. mr. attorney general, always an honor to have you on the show. congratulations on the work thus far. >> thank you. good to be here. >> a big, big deal. i wanted to ask that question. have we turned the corner? from your experience, do you sense a change between the dynamic between the banks and financial services industry and regulators? >> i think it does reflect a change. we're coming up in january on the second anniversary of president obama's state of the union address when he announced the creation of the working group which i co-chair along with my colleagues in the justice department. this is less than two years old. we've been pooling our resour
. >> next week regulators are expected to approve a tougher than expected version of the so-called volcker rule which would impose tighter restrictions. the goal is to reduce the chances of mega losses like jpmorgan's $6.2 billion london fiasco. the question is after years of complaints banks spared for their prosecution in the role of the financial crisis, have we turned a corner? joining us now new york attorney general eric schneiderman. mr. attorney general, always an honor to have...
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you're not going paul volcker in 2006, 2007, 2008. it seemed the whole system was rigged at the time to encourage this speculative behavior because it was good for politicians on both sides. >> when you're at the tail end of the bubble it's inconceivable to say something against it. i'm on record -- i will tell you in transcripts, public remarks, making cautious statements they are completely eliminated from the text. you don't see it any more. >> can i really quickly, brian, instead of directing this to the chairman i'll direct it to you. it sounds self-serving. i've been saying this for five years. it blows me away alan greenspan was attacked after barney frank and george w. bush got what they wanted and it was his mistake to keep interest rates artificially low. since alan greenspan has retired our monetary policy has become even more aggressive. >> right. >> first of all they condemn what we did over 15, 20 years of extraordinary economic growth and then they double down on that same behavior. >> are there lawmakers in washington,
you're not going paul volcker in 2006, 2007, 2008. it seemed the whole system was rigged at the time to encourage this speculative behavior because it was good for politicians on both sides. >> when you're at the tail end of the bubble it's inconceivable to say something against it. i'm on record -- i will tell you in transcripts, public remarks, making cautious statements they are completely eliminated from the text. you don't see it any more. >> can i really quickly, brian,...
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the volcker rule expected to be adopted today. will restrict banks' ability to use their own money to some say make bet, some say invest. that will be severely limited. expect it to be a little more thorough and intense than previously thought. this one i wanted to point out, let's go to the market, one of the high-flying stock, you would know this, harold, lululemon. >> is that the company where the guy said we don't make pants for women with wide thighs? >> yeah. that's right. >> is that that guy? >> that's him, the chairman. he's going the give up his role as chairman. they re-called the pants back in march. you're right. chip wilson forced to apologize when he explained, as mika pointed out, why the pants were too sheer, because, quite frankly, some women's bodies just actually don't work with the pants. >> i'm sad, i'm really sad. i'm sad for the repercussions of my actions. i'm sad for the people of lululemon who i care so much about that have really had to face the brunt of my actions. i take responsibility for all that has
the volcker rule expected to be adopted today. will restrict banks' ability to use their own money to some say make bet, some say invest. that will be severely limited. expect it to be a little more thorough and intense than previously thought. this one i wanted to point out, let's go to the market, one of the high-flying stock, you would know this, harold, lululemon. >> is that the company where the guy said we don't make pants for women with wide thighs? >> yeah. that's right....